By Polly Fergusson Caff Nero, the UK's fourth largest coffee bar operator, has resurrected plans...
By Polly Fergusson
Caff Nero, the UK's fourth largest coffee bar operator, has resurrected plans to list on the main market and has raised £9m, just under its original expectations.
The company intends to use the money it has raised to open more coffee bars outside London and plans to have 100 sites open by May 2002. There are currently 58 Caff Nero units open across the UK with four new ones opening a month.
Turnover for the six months to November 2000 was £6.7m with an operating loss of £598,000.
Caff Nero has a very strong branding in the coffee market.
Shares are due to start trading on 23 March. Collins Stewart advised the company on the flotation.